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Raffles Infrastructure's special audit report at final stage; Chinese SOE is controlling shareholder

Jeffrey Tan
Jeffrey Tan7/19/2019 07:30 AM GMT+08  • 6 min read
Raffles Infrastructure's special audit report at final stage; Chinese SOE is controlling shareholder
Infrastructure projects Of the net placement proceeds of $29.9 million, Raffles Infrastructure plans to invest $22 million in a build-operate-transfer rural road project awarded by the Yibin Municipal People’s Government. The company will co-inv
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(July 22): In its previous incarnation as China -Fibretech, the company now called Raffles Infrastructure Holdings was but one in a long string of S-chips plagued by corporate governance problems. In 2015, its then CEO made unauthorised payments to three major customers who demanded compensation for products they claimed did not meet their standards. Since last year, however, new shareholders have taken control of the company, and a new board and a new management team put in place. It replaced its core business of fabric dye with infrastructure projects.

KPMG, which was appointed special auditor in late 2017, has concluded its probe into the financial irregularities and the draft report is being finalised. Eric Choo, Raffles Infrastructure’s new CEO and executive director, is anxious for the report to be released so it can put this chapter behind it. “Hence, we are pushing for the audit report to come out,” he says in an interview with The Edge Singapore.

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